MMGLtd. will invest A$30 million in a new tailings dam at itsRosebery zincmine in Tasmania, Australia, in a bid to extend the 80-year-old mine's life,ABC reported July 25 citing Rick Watsford, the company's general manager forAustralian operations.

According to Watsford, Rosebery's ore grades are gettinglower and production from the mine is decreasing, hence the company's move toincrease throughput and offset lower grades.

The new tailings dam is expected to secure the future of themine for about five years by producing zinc, lead, copper and gold. Watsfordalso said the dam is being built on the site of two previous tailings dams andwould remediate some environmental issues.